How to Find and Keep a Long-Term Tenant in Five Simple Steps
Being a landlord can be challenging.
Finding the perfect tenant feels like a never-ending search, and maintaining a positive landlord-tenant relationship can be a delicate dance.
But fear not because we've got the answer lined up for you!
Read on to learn how to find and keep the ideal tenant, with tips on defining your requirements, creating a comprehensive tenancy agreement, and making tenants feel at home.
Let’s begin!
Define Your Requirements
Before beginning your search, define what you're looking for.
As millions in the US face eviction, you should consider the tenant's income, credit score, and rental history. By doing this, you can avoid wasting time and resources on tenants who do not meet your requirements.
For starters, be clear about your pet policy. If you accept pets, specify what types of pets you allow - their size plus any additional details.
Also, consider the types of renters you may exclude if you decide not to allow pets.
For example, some might not apply because they have a service dog. It's best to have a clear policy but show flexibility.
The Tenancy Agreement
The tenancy agreement is a legally binding document between you and your tenants. It should be detailed and include essential clauses, such as rent amount, payment dates, bond deposit, tenant responsibilities, and lease duration.
A comprehensive agreement can help protect your interests as a landlord and provide your tenant with a clear understanding of their own responsibilities.
Furthermore, you can add clauses allowing rent increases, property maintenance and repairs, and late fees. Provide details on the procedures for ending a tenancy or renewing the lease and any penalties for breaking the lease. Doing so can ensure a smooth tenant transition and avoid potential legal disputes.
Welcome the Tenant
Making your tenant feel at home is crucial in building a positive landlord-tenant relationship.
You can provide helpful information about the local area, such as nearby grocery stores, restaurants, and public transportation. Additionally, you can provide the tenant with a list of emergency contacts and instructions on operating any appliances or utilities.
A personalized touch like a gift basket with a few items that reflect the community, such as a gift certificate for a coffee shop, can make the tenant feel welcome.
Checking in with the tenant after a few weeks shows that you care about their experience and are committed to making it positive. And don’t forget about the end of lease clean-up after the previous tenant.
Communicate Effectively
Effective communication is vital when trying to establish a positive landlord-tenant relationship.
Ensure that your tenant has your contact information and knows how to contact you in case of an emergency. It's best to be responsive to your tenants' needs, but respecting their privacy is equally important.
One effective way to communicate is by providing regular updates on property-related issues. For example, if there is scheduled maintenance about to go down, let the tenant know well in advance.
If there are changes to the rent, it's essential to give the tenant ample notice. Frequent communication can help prevent misunderstandings and ensure a smooth landlord-tenant relationship.
Screening Process
The screening process is an essential step in finding good tenants.
With this year’s inflation, you best use online rental application tools to gather information such as employment history, rental history, credit score, and criminal background checks. Make sure to follow fair housing laws to avoid discrimination claims.
Additionally, you can hold an open house for tenants interested in viewing the property. This can help you gauge their level of interest and get a feel for their personalities. It's also an excellent opportunity to describe your expectations and answer viewers' questions in person.
Rent Collection
Rent collection can be a challenging aspect of being a landlord.
You can make the process smoother by providing multiple payment options, such as online or automatic deductions. Ensure that the due dates are precise and enforce late fees for any delayed payments.
Additionally, you can offer incentives for early payments, such as a discount on the next month's rent. Having a clear policy for rent collection and enforcing it consistently is always beneficial to avoid misunderstandings with tenants.
Respond Quickly
Prompt response to any issues is key to maintaining a healthy landlord-tenant relationship.
When a tenant reports an issue, such as a leaky faucet or a broken appliance, respond quickly and have the issue fixed as soon as possible. If you cannot fix the issue yourself, hire a professional to get it done.
Moreover, providing instructions to the tenant on handling any minor issues can help avoid unnecessary calls.
For example, teaching them how to unclog a toilet or reset a circuit breaker can save both parties time and money. A proactive approach to property maintenance can lead to happier tenants and better landlord-tenant relationships.
Maintenance and Repairs
As a landlord, it's essential to maintain the property in good condition.
Regular maintenance can prevent bigger problems down the line and save you money. You can create a schedule for regular maintenance tasks such as cleaning gutters, replacing air filters, and inspecting the property.
Moreover, you should have a clearly-defined process when handling repair requests. You can provide tenants with an online form to submit requests or a phone number to call.
Do not take too long to respond and complete repairs as soon as possible to avoid any inconvenience to the tenant.
Final words
In conclusion, being a successful landlord takes more than just happening to the right tenant. It requires clear communication, efficient problem-solving skills, and a commitment to maintaining your property well.
Remember to be open-minded, communicate regularly, respond promptly to issues, and provide clear expectations.
With these tools in your toolbox, you'll be well on your way to becoming a successful landlord and providing a positive renting experience for your tenants.
